The company reported the dismal performance in a press conference following its annual shareholders meeting in Jakarta on Thursday.

“The decline has caused weak demand and low freight rates in the market,” MBSS vice president director Lucas Djunaidi told reporters at the same event.

After seeing losses of US$10.2 million in 2015, the company experienced nearly triple net loss of $29.9 million in 2016 owing to a sharp drop in revenue. Last year, the company reported last year that its total revenue had fallen 26.7 percent to $65.8 million from $89.8 million in the previous year.

Lucas mentioned that the decline in coal prices, which had occurred over the past few years, was the main contributor to the loss.

Lucas said his company would diversify its business to prevent further loss. “We are studying the possibility of tapping into the oil and gas sector,” Lucas said.

The company, which offers transshipment for the coal industry, is a subsidiary of publicly listed coal miner company PT Indika Energy. The company was founded in 1994 and listed on the Indonesia Stock Exchange in 2011.
Source: The Jakarta Post